Nigeria has adopted international financial reporting standard (IFRS) from 1st January,2012. The study examined the extent to which adoption of international financialreporting standards (IFRS) can enhance financial reporting system in NigerianUniversities. The population of the study comprised 160 senior accountants and internalauditors. A survey design was adopted for the study. The mean scores and Z-Test wasused in analyzing the data generated for the study. The findings indicated that there are alot of accounting areas the accountants and auditors should focus in discharging theirduties. And as well a lot of implications are also involved. Mostly accountants, auditors,bursars, financial analyst, etc, are the personnel involve in the IFRS financialinstruments. It was recommended among others that the curricula of our institutionsshould be reviewed to incorporate IFRS, so that accountants and auditors will beacquainted with IFRS guidelines and standards.